Singapore Airlines’ cargo revenue for the 2012-2013 financial year continued to suffer.

Singapore Airlines Cargo had an operating loss of US$167 million. During the 2011-2012 financial year, the loss was US$119 million.

This is due to a decrease in loads by 6 percent and in yields by 4.3 percent. Singapore Airlines Cargo also reduced its cargo capacity by 5.5 percent.

Meanwhile, net profit for the airline group improved 12.8 percent year over year. Operating profit fell by almost 20 percent as high fuel prices and lower yields brought on by a weak global economy continued.

The company predicts that in the next financial year, the cargo business will face overcapacity in the market in addition to a weak economy. Revenues will also fall further if key revenue-generating currencies continue to depreciate against the Singaporean dollar.